Chicago Board of Trade (CBOT) soyabean futures edged higher on Friday on technical buying, as the market bounced following recent losses, traders said. CBOT November soyabeans ended up 1-1/4 cents at $8.55-1/4 per bushel. Before turning higher, the contract touched its lowest price since August 13.
It lost about 4.2 percent for the week. CBOT December soyameal ended down $0.20 at $316.30 per short ton and December soyaoil rose 0.12 cent to 28.49 cents per pound.
Hanging over prices are expectations that farmers will soon harvest a massive US crop. Advisory service Pro Farmer projected production at 4.683 billion bushels based on an average yield of 53.0 bushels per acre.
The forecast is above the USDA's latest prediction for a record-large soya harvest of 4.586 billion bushels with an average yield of 51.6 bpa. US soya inventories are expected to increase because of the big harvest and weaker demand from China, the world's top importer of the oilseed. The US and China implemented 25 percent tariffs on $16 billion worth of each other's goods on Thursday as part of a tit-for-tat trade war.
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